Co-operatives First is proud to have helped the Afripride Women Cooperative (AWC) to get up and running! This group of Afro-Canadian women, driven by a passion for the economic empowerment of other women like themselves, formed the co-op to pool their resources and invest in projects that benefit their families and communities. AWC’s mission is to promote the socio-economic self-empowerment of Afro-Canadian women, an equity-deserving group, through culturally aligned economic alternatives; specifically Rotating Savings Credit Associations (ROSCAs). This model is well known and widely practiced among many immigrant communities, where women pool their resources and invest together in various projects that would have otherwise been unaffordable to individuals.

The group decided on the co-op model because it allows them to prioritize the needs and well-being of members, who are primarily Afro-Canadian women, especially new immigrants facing financial instability. With this co-op, they can pool resources and share financial risks among members, providing a collective safety net for individuals who may lack personal financial resources or access to credit.

“Organizing as a co-op offers numerous benefits, such as a community-focused approach, shared resources, democratic governance, economic empowerment, and long-term sustainability,” a member of the co-op said. “These advantages align with our mission to help Afro-Canadian women overcome financial barriers and achieve economic independence…By achieving these goals, we hope to make a significant positive impact on the lives of Afro-Canadian women and contribute to the overall well-being and prosperity of our community.”

We are proud to have helped this innovative and passionate group to incorporate their co-op to better the financial future of its members.